Explore the transformative impact of Innovate UK Knowledge Transfer Partnerships (KTPs) as we celebrate nearly 50 years of collaborative innovation, showcasing economic growth, knowledge exchange, talent development, and societal advancements.
The annual Innovate UK KTP Awards took place last month, a celebration of the extraordinary impact, innovative ideas, and remarkable individuals that embody the spirit of this programme. Innovate UK KTPs are not just a facet of Innovate UK’s initiatives; they are the jewel in our crown, representing the magic that ensues when academia and industry unite in pursuit of transformative innovation.
Established nearly 50 years ago, the Innovate UK KTP scheme was crafted to nurture innovation and growth within UK businesses. These partnerships serve as the cornerstone of collaboration, intertwining the expertise of businesses, knowledge base partners and individual associates, often postgraduates, embedded within companies.
Innovate UK KTPs are not mere projects; they are strategic endeavours, grounded in cutting-edge research and commercial focus, driving businesses forward by integrating new skills and the latest academic insights.
The heart of Innovate UK KTP: driving economic growth and knowledge exchange
Innovate UK KTPs are more than just collaborations; they’re solutions. By harnessing cutting-edge research and translating it into real-world applications, these partnerships power businesses, elevate processes, and enhance products and services. At their core, Innovate UK KTPs solve business challenges, fostering economic growth by infusing fresh perspectives that lead to improved competitiveness and job creation.
Innovate UK KTPs are also a dynamic bridge between academia and industry, fostering an exchange of knowledge that spawns breakthroughs. The impact isn’t just felt in boardrooms but resonates across communities, driving advancements in healthcare, sustainable energy, and public services.
A decade of impact: Innovate UK KTP evaluation report unveiled
This week marks a significant milestone as we release the Innovate UK KTP evaluation report covering the last 10 years, from 2010 to 2020. The numbers speak volumes about the programme’s impact. Over this period, Innovate UK invested £200 million in 2,000 projects involving 136 knowledge bases and 3,000 associates. The results are astounding:
- economic boost: Innovate UK KTPs generated an estimated £1.7 to £2.3 billion in net GVA for the UK economy during this period
- exceptional return on investment: for every pound invested, Innovate UK KTPs generated an impressive £4.20 to £5.50 in net economic benefits
- business growth: 83% of businesses engaged with Innovate UK KTP reported increases in productivity, profitability, employment, or turnover
- academic enrichment: 92% of knowledge base partners reported enhanced knowledge and understanding of industry challenges
- national reach: 75% of beneficiary businesses and 68% of knowledge base partners were located outside London and the Greater South-East, making Innovate UK KTPs an asset for all of the UK
The future of Innovate UK KTP
As we delve into a future brimming with possibilities, we are integrating Innovate UK KTP even more closely into Innovate UK’s suite of products and services. This not only means a rejuvenated brand for Innovate UK KTP but underscores our commitment to Innovate UK KTP as a core part of our offerings. We are dedicated to working with you, forging a path for its future, and envisioning another 50 years of ground-breaking collaborations.
As we delve into the insights from this week’s evaluation report, this is a moment to celebrate, collaborate, and look forward to a future where the power of knowledge transforms lives and propels businesses toward unprecedented success. Here’s to the magic of collaboration and the limitless potential of innovation!
Sign up for our newsletter for the latest updates
Top image: Professor Suzannah Lipscomb, broadcaster and former KTP Award winner, as host and presenter. Credit: Innovate UK KTN